Press release
Meticulous Research® Forecasts Global Aviation MRO Market to Reach $92.1 Billion by 2031
Comprehensive Analysis Unveils Key Growth Drivers, Challenges, and Opportunities in the Aviation MRO MarketMeticulous Research®, a global leader in market intelligence and advisory services, has published its latest report titled "Aviation MRO Market - Global Opportunity Analysis and Industry Forecast (2024-2031)." The report projects the global aviation Maintenance, Repair, and Overhaul (MRO) market to reach $92.1 billion by 2031, expanding at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Market Dynamics
The growth of the aviation MRO market is primarily driven by increasing investments in aircraft maintenance, the expansion of air travel, and heightened government focus on modernizing airport infrastructure and implementing stringent safety regulations. However, the market's expansion is tempered by rising fuel prices and the high costs associated with MRO services. Notably, the growing demand for remote maintenance and repair systems, coupled with the expansion of line maintenance services at airports, presents new avenues for market participants. A persistent challenge remains the shortage of skilled personnel, which continues to impact market growth.
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Market Segmentation
The report offers a detailed segmentation of the aviation MRO market based on service type, aircraft type, and business model:
By Service Type: The market is segmented into engine overhaul, components, line maintenance, airframe maintenance, and modification services. Engine overhaul is poised to dominate with a 46.0% market share in 2024, driven by the critical need for regular inspection and maintenance of aircraft engines. The line maintenance segment, however, is expected to experience rapid growth due to the rising demand for routine checks and minor repairs to ensure compliance with aviation regulations.
By Aircraft Type: The market is bifurcated into fixed-wing and rotary-wing aircraft. Fixed-wing aircraft are projected to hold a commanding 69.0% market share in 2024, attributed to the essential need for maintaining safety and reliability. On the other hand, the rotary-wing aircraft segment is anticipated to grow swiftly due to the increased use of MRO services for rotor blade maintenance and other vital components.
By Business Model: The independent repair stations segment is expected to lead with a 34.0% market share in 2024, driven by new opportunities in business and general aviation, as well as enhanced collaboration with aviation service providers. The commercial airline hubs segment is projected to witness significant growth, fueled by increased international trade and investment in airport infrastructure.
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Regional Insights
Geographically, the Asia-Pacific region is anticipated to dominate the aviation MRO market, securing a 32.0% share in 2024. The region's growth is propelled by the rising demand for engine maintenance services and the necessity to comply with stringent aviation regulations. As the region's aircraft fleet continues to grow, the demand for MRO services is expected to surge, maintaining its leadership position throughout the forecast period.
Key Market Players
The report profiles leading companies in the aviation MRO market, including:
Hong Kong Aircraft Engineering Company Limited
Honeywell International Inc.
Barnes Group Inc.
KLM UK Engineering Limited
Lufthansa Technik AG
MTU Aero Engines AG
AAR Corp.
Airbus SE
Turkish Technic Inc.
FL Technics
TAP Maintenance & Engineering
Abu Dhabi Development Holding Company PJSC
Raytheon Technologies Corporation
Singapore Technologies Engineering Ltd
Collins Aerospace
Critical Questions Answered in the Report:
What are the key growth segments in the aviation MRO market?
What are the market forecasts and estimates for 2024-2031?
Who are the major players, and what are their market shares?
What are the emerging trends and high-growth regions?
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Email- sales@meticulousresearch.com
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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